Best Buy (NYSE:BBY) Price Target Lowered to $75.00 at Wells Fargo & Company

Best Buy (NYSE:BBY) had its target price reduced by equities research analysts at Wells Fargo & Company from $85.00 to $75.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the technology retailer’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 1.64% from the company’s previous close.

BBY has been the subject of several other reports. Truist Financial reduced their price target on Best Buy from $81.00 to $64.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. Evercore ISI reduced their target price on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a research note on Wednesday, March 5th. KeyCorp reissued a “sector weight” rating on shares of Best Buy in a research report on Wednesday, March 5th. Morgan Stanley cut their price target on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 5th. Finally, Citigroup reiterated a “neutral” rating and issued a $70.00 price objective (down from $93.00) on shares of Best Buy in a report on Thursday, April 3rd. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $90.72.

Best Buy Stock Performance

Shares of BBY opened at $73.79 on Monday. The company has a market capitalization of $15.62 billion, a PE ratio of 12.61, a PEG ratio of 2.10 and a beta of 1.27. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The company’s 50 day moving average price is $67.90 and its 200 day moving average price is $80.21. Best Buy has a 52 week low of $54.99 and a 52 week high of $103.71.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $13.69 billion. During the same period in the previous year, the company posted $2.72 EPS. Research analysts expect that Best Buy will post 6.18 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CAO Mathew Watson sold 3,182 shares of the company’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $71.29, for a total transaction of $226,844.78. Following the completion of the transaction, the chief accounting officer now owns 19,218 shares of the company’s stock, valued at approximately $1,370,051.22. This represents a 14.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Matthew M. Bilunas sold 51,000 shares of Best Buy stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $74.20, for a total value of $3,784,200.00. Following the sale, the chief financial officer now directly owns 55,856 shares in the company, valued at approximately $4,144,515.20. This trade represents a 47.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 78,355 shares of company stock valued at $5,767,213. 0.47% of the stock is owned by company insiders.

Institutional Trading of Best Buy

Institutional investors and hedge funds have recently modified their holdings of the company. Pinnacle Bancorp Inc. boosted its stake in Best Buy by 108.5% during the first quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer’s stock worth $25,000 after buying an additional 178 shares in the last quarter. Rakuten Securities Inc. boosted its position in shares of Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock valued at $29,000 after acquiring an additional 311 shares in the last quarter. Vermillion Wealth Management Inc. bought a new stake in Best Buy in the fourth quarter valued at about $31,000. Golden State Wealth Management LLC acquired a new position in Best Buy in the fourth quarter worth about $32,000. Finally, Atlas Capital Advisors Inc. lifted its stake in Best Buy by 186.9% during the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 243 shares during the period. 80.96% of the stock is currently owned by institutional investors.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.